Coffee with Joe 4-24-10, Report from the Minsky Conference

[mauro23031961]

Are you american or fascist lawyers?

[joebhed]

@mauro23031961

please explain the question?

is it like, does your wife enjoy the beating, or something like that?

And besides, aren't there American fascist lawyers?

So, yeah, we're American patriots and neither of us is a lawyer.

[joebhed]

@MM Exactly. Just as Minsky hypothecized. We still need a system that is less prone to the pro-cyclicality of this private, un-deregulated fractional-reserve system of banking and money-creation. It's been a hundred year experiment. Un-payable debts. Breaking of contracts. Financial instability ,  as you say. We need to build the system of banking and money-creation around the public purpose of economic stability. Pro-cyclicality was. Counter-cyclical policies define stability.